Bitdeer Technologies Group (NASDAQ:BTDR) Trading 9.5% Higher – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price traded up 9.5% during mid-day trading on Wednesday . The company traded as high as $20.90 and last traded at $20.84. 3,172,951 shares changed hands during trading, a decline of 59% from the average session volume of 7,697,951 shares. The stock had previously closed at $19.04.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Alliance Global Partners assumed coverage on Bitdeer Technologies Group in a research note on Tuesday, October 8th. They set a “buy” rating and a $14.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $13.00 target price on shares of Bitdeer Technologies Group in a research note on Thursday, October 3rd. Rosenblatt Securities reiterated a “buy” rating and issued a $22.00 target price on shares of Bitdeer Technologies Group in a research note on Monday. Benchmark lifted their target price on Bitdeer Technologies Group from $16.00 to $29.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, Northland Securities lifted their target price on Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bitdeer Technologies Group presently has a consensus rating of “Buy” and an average price target of $21.00.

Bitdeer Technologies Group Stock Up 3.4 %

The firm has a fifty day moving average price of $17.31 and a 200 day moving average price of $11.37.

Institutional Trading of Bitdeer Technologies Group

Several hedge funds have recently modified their holdings of the business. Public Employees Retirement System of Ohio acquired a new position in Bitdeer Technologies Group during the third quarter worth $66,000. Centiva Capital LP acquired a new position in Bitdeer Technologies Group during the third quarter worth $91,000. Barclays PLC acquired a new position in Bitdeer Technologies Group during the third quarter worth $161,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Bitdeer Technologies Group during the third quarter worth $169,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Bitdeer Technologies Group during the third quarter worth $220,000. 22.25% of the stock is owned by institutional investors and hedge funds.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group operates as a technology company for blockchain and computing. It offers hash rate sharing solutions, including Cloud hash rate and Hash rate marketplace; and a one-stop mining machine hosting solutions encompassing deployment, maintenance, and management services for efficient cryptocurrency mining; as well as mines cryptocurrencies for its own account.